Wow ! Talk about losing big time thanks to bungled trades and excessive risk by JPMorgan. This is the result of unbridled greed and the audacity to think they are indeed the masters of the universe where in fact these banks live in a precarious world that is at the mercy of minute changes that can go wrong at anytime. Many words come to mind of which; Moral Hazard, Too Big to Fail …
Losses on JPMorgan Chase’s bungled trade could total as much as $9 billion, far exceeding earlier public estimates, according to people who have been briefed on the situation.
- JPMorgan’s Trading Loss Is Said to Rise at Least 50% (americankabuki.blogspot.com)